Import tax of fuel products reduced to 0-3%

VGP – The Ministry of Finance (MoF) has decided to exempt petrol import tax and reduce diesel import tax to 3% since February 21 in a bid to ease difficulties for petrol importers and keep retail sale prices stable.

February 21, 2012 7:18 PM GMT+7

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Specifically, the import tax rate imposed on petrol commodities was lowered down to zero percent from the current 4%.

For diesel, the import tax was slashed down from 5% to 3%. However, the MoF still maintains 5% import duty for lubricating oil and imposes 15-20% tariff on waste oil products.

The petrol import tariffs of 4-5% have been applicable over the past two months, but in the wake of increasing pressure of global fuel price hike and local inflation, the MoF had to make necessary cuts ./.

By Khánh Phương